You are right stvmor, without even a psu fan proving some airlow, the p3 will be marginal. The only way to tell how well natural convection will help in the case is to try it. I am currently running a p3 fanless on a desk (no case) and temps are comfortable though.
If it is marginal a single 120mm nexus at 7 or 5v will prove more than enough airflow for all the components - and you won't get a quieter fan than that. It will still give 007 the quietest pc possible.
As for swapping psu fans - i agree it can be a good way of making things quieter without spending money - however it's really important to make sure people know that PSUs are dangerous. The capactiors hold enough charge to kill or at least give a very nasty shock. Often the heatsinks etc are live. Simply turning off the power is not enough - the capacitors will not discharge. Anyone who opens up their PSU needs to take real care.
Also - reducing the airflow to the PSU is venturing into unnown territory. You can't know how well the PSU has been designed. Although a slower fan may cool the main heatsinks sufficiently - some smaller components may no longer have sufficient airflow and could fail. Worst case scenario the PSU failing could take out many of your pc components with it :/
It's worth being aware too that on a 430W seasonic (one of the most efficient PSus out there) Although at higher loads it peaks at over 80% efficient, at the low low loads that 007s pc will use, the psu could be as low as 60% efficient!
the picopsu etc may be more expensive but it certainly gives some bragging rights and makes an interesting project

That's half the fun of modding/overclocking pcs. I'm sure that's why we're all here and not buying Dells